<div id="readability-page-1"><div>[SINGAPORE] The digital economies of South-east Asia are projected to hit a revenue of US$100 billion in 2025, according to the e-Conomy report by Bain, Temasek and Google.This year’s report includes Laos, Brunei, Cambodia and Myanmar’s contribution to the digital economy. Without these four markets, 2025 digital economy revenue would hit US$99 billion, a 14 per cent jump from US$87 billion in 2024.The region’s gross merchandise value (GMV) is also set to grow to US$305 billion in 2025, or US$299 billion without the inclusion of the four new markets. This is a 15 per cent increase from US$260 billion in 2024E-commerce still makes the bulk of GMV and revenue for South-east Asia, with travel coming in second. Online media comes in third for digital economy revenue,Food delivery is shifting from luxury to mass market, with revenue for South-east Asia excluding the four new markets growing 18 per cent from US$2 billion in 2024 to US$2.4 billion in 2025. Revenue for the entire region is expected to hit US$2.4 billion in 2024.Players in food delivery are either profitable or approaching profitability on the back of a focus on a broader customer base, and spinning up adjacent revenue streams such as advertising, loyalty programmes and commissions on dine-in vouchers.The revenue growth for advertising for food delivery players has grown between 60 per cent to 90 per cent in 2025 compared to 2024. Players are now establishing stronger value chain control, looking to monetise their share of the consumers’ wallet, and pulling all their levers for internal efficiencies.“That can be advertising, it can be some of the financing aspects, it can be how these products are shipped and moved,” said Florian Hoppe, partner at Bain &amp; Company. On the e-commerce front, video commerce is projected to make up 25 per cent of all e-commerce GMV in 2025, up from less than 5 per cent in 2022. Product categories for video commerce now go beyond fashion and beauty to even electronics, home furnishings and food. Payments have continued to drive digital financial services in South-east Asia with gross transaction value (GTYV) rising 19 per cent from US$1.2 billion in 2024 to US$1.4 billion in 2025. With inclusion of the four new markets, GTV for payments is forecast to hit between US$2.4 billion to US$2.6 billion.This growth in payments has been underpinned by the adoption of national unified QR systems. Cross-border QR payment interoperability has also advanced significantly, with nine countries now signatories to the Regional Payment Connectivity initiative.On the funding front, fund flows have stabilised in 2024, with private funding value flat at US$8 billion, same as 2023. Deal count, however, has dropped from 883 in 2023 to 575 in 2024, as deals shift towards later-stage companies. But deal sizes have increased.Later stage startups in Series D and E have rebounded in the first half of 2025, raising US$0.8 billion compared to US$0.1 billion in H1 2024 and US$0.4 billion in the second half of 2024.Digital financial services continue to take the bulk of funding in 2024, with nascent sectors next with 41 per cent of the funding. There are positive signs of public market exits, with stock exchanges having a healthy initial public offering (IPO) pipeline. “We understand that Indonesia and Malaysia both have more than 60 companies in their IPO pipeline, while the SGX has announced roughly 30 plus IPOs in preparatory phase,” said Hoppe.Singapore is emerging as an artificial intelligence (AI) hub, getting the bulk of AI funding and startups in the region. Coupled with government initiatives to develop a skilled AI workforce and attracting talent, the Republic is working towards establishing itself as a leading centre for AI innovation and development. “Its early momentum in scaling AI capabilities can unlock a broader regional opportunity to turn transformation into lasting economic value and build into another decade of growth ahead. Importantly, it can also play a key role in unlocking funding and the exit environment for the region,” added Hoppe.</div></div>

數字經濟

根據貝恩、淡馬錫和谷歌的 e-Conomy 報告，東南亞的數字經濟預計到 2025 年將達到 1000 億美元的收入。該地區的商品總值（GMV）預計將增長至 3050 億美元，電子商務將引領收入增長。食品配送正在向大眾市場轉型，視頻商務預計將佔電子商務 GMV 的 25%。數字金融服務也在擴展，得益於統一的二維碼系統。新加坡正在成為人工智能中心，吸引了大量資金和人才

South-east Asia’s digital economy revenue set to hit US$100 billion in 2025: e-Conomy report

- 東南亞數字經濟預計在 2025 年將達到 1000 億美元收入。  
- 電子商務仍是主要收入來源，視頻商務預計佔 25% 的 GMV。  
- 新市場推動支付增長，跨境 QR 支付互通顯著進展。  

根據 e-Conomy 報告，東南亞的數字經濟收入預計將在 2025 年達到 1000 億美元